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Corporate Investment Under Uncertainty, And The Neoclassica

 
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MessagePosté le: Mar 20 Juin - 21:39 (2017)    Sujet du message: Corporate Investment Under Uncertainty, And The Neoclassica Répondre en citant


Corporate Investment Under Uncertainty, and the Neoclassical Model (Classic Reprint)
by James L. Paddock



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Excerpt from Corporate Investment Under Uncertainty, and the Neoclassical Model

Jorgenson [19] is the main proponent of this econometric research and his analysis claims to explain the discrepancies among many of the major empirical studies of investment behavior in neoclassical models.

He shows that proper treatment of costs of adjustment in all these other models would modify their results such that the Cobb - Douglas form holds. However, Jorgenson's work and that of the others he criticizes are partial equilibrium analyses in that they ignore financial market considerations, concentrating instead solely on production decisions of the firm.

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Corporate Investment Under Uncertainty, and the Neoclassical Model (Classic Reprint) James L. Paddock






As its name suggests, the theory was a combination of Keynes' and previous economists' ideas, formalized mathematically, fact avoided by Keynes in the General TheorySpecifically, even though firms may find it advantageous to delay investments in the face of uncertainty, if the uncertainty persists over a long period of time, firms may be compelled to eventually invest, either because many investment projects cannot be delayed indefinitely, or because the cash flows lost by postponing investments may become too large to justify any further delaysSimilarly, a doubling of the news-based and tax-code components is associated with a decline in investment of 18.6% and 8.7% with respect to the sample meanEvaluating International Projects Lessard Donald R 24 Aug 2015 Hardback 19,95 Add to basket We bootstrap the standard errors using a series of cluster-bootstraps as in Cameron, Gelbach, and Miller (2011)About The Review of Financial Studies Editorial Board Author Guidelines Contact Us Facebook Twitter Purchase Recommend to your Library Advertising and Corporate Services Journals Career Network Online ISSN 1465-7368 Print ISSN 0893-9454 Copyright 2017 Society for Financial Studies Hof Economics texts eye 205 favorite 0 comment 0 MIT Libraries 109 109 Optimal trade policy and compensation under endogenous uncertainty : the phenomenon of market disruption Mar 25, 2011 03/11 by Bhagwati, Jagdish N., 1934-; Srinivasan, TFirst, we use data on one-year-ahead GDP forecasts from the Philadelphia Federal Reserve's biannual Livingstone survey to calculate a proxy for expected GDP growth, as perceived by professional forecastersTo test this hypothesis, we investigate how conditional average investments evolve throughout high-policy-uncertainty spellsFor example, we observe a single spell that is longer than eight quartersFor example, we are not sure what the impact of a decrease (increase) in uncertainty would be if this decrease still leaves us at extremely high (low) levels of uncertaintylow sunk costs(1)(2)(3)(4)PU news x Sunk index0.210***0.213***0.201***0.194***(3.86)(3.52)(3.49)(3.39)ControlsyesyesyesyesPanel B4 : Durables vs*, **, and *** indicate statistical significance at the 10%, 5%, and 1% level, respectively.In the interest of space, we report only the coefficients on the macroeconomic controls.25 The effect of policy uncertainty on investments remains significant in all specifications, even though the economic magnitude decreasesBesides the classic investment predictors (Tobin's q, cash flows, sales growth), we also control for several macroeconomic proxies for investment opportunities (e.g., forecasted GDP growth, composite leading indicators, and consumer confidence.) This is meant to alleviate endogeneity concerns stemming from the fact that uncertainty tends to be countercyclical and could therefore be capturing the effect of poor economic prospects.4 Additionally, we control for several measures of general economic uncertainty (e.g., the VXO index of implied volatility, cross-sectional dispersion in returns, and the Jurado, Ludvigson, and Ng (2015) index) to ensure that the effect we are estimating can be attributed to the political and regulatory system and not to some other source of uncertainty.In our study, we find evidence of a persistent, negative relationship between policy uncertainty and investmentThe results of these tests not only strengthen the robustness of the policy uncertainty effect on investments but also suggest that the BBD index contains information about macroeconomic uncertainty not captured by any of the other measures commonly used in the literatureFirst, we use the Livingstone survey of professional forecasters mentioned above to calculate a proxy of uncertainty about future economic growthFurther Tests to Mitigate Endogeneity Concerns 8All variables are normalized by their sample standard deviationThey find that this measurement error is not correlated with either GDP growth or the true index of policy uncertainty (the human audit)11%off Evaluating International Projects Lessard Donald R 21 Sep 2013 Paperback 12,48 14,07 Save 1,59 Add to basket (2012).5 From the minutes of the Federal Open Market Committee, in April 2008, Several participants reported that uncertainty about the economic outlook was leading firms to defer spending projects until prospects for economic activity became clearerThe horizontal axis represents the lag between the dependent and independent variables in each regressionFinally, panel D suggests that uncertainty related to government spending and inflation, at least as captured by forecaster disagreement, does not have a significantly negative effect on corporate investments.10Our baseline results suggest that the majority of the explanatory power of the overall policy uncertainty index comes from its news-based componentgubernatorial electionsTo calculate these quantities, we obtain the gj's from the use table and the ai,j's from the industry-by-commodity table in the I-O accountsWest K2007This shows that wage cuts could enhance a worse scenario 79c7fb41ad


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